Toyota President Pledges to Up Hybrid Production

Toyota will offer its Lexus luxury brand in Japan, release a compact car developed with PSA Peugeot Citroen in Europe, build the Prius hybrid car and Crown sedans in China.

Published: 02-Jan-2005

Jan. 2 (Bloomberg) -- Toyota Motor Corp. President Fujio Cho said the automaker plans to expand production and sales in 2005, pledging "steady progress" toward lifting its global market share to 15 percent in the next decade from 12 percent.

"We must not be complacent and must remain aware of the need for further progress," Cho said in his New Year's greeting on Toyota's Web site. "I want to make 2005 a year in which we focus our energy on striving to raise the quality of our work even further."

The world's biggest carmaker by market value is making more vehicles in the U.S., Eastern Europe and Asia as part of its strategy to boost global market share and reduce the impact of currency fluctuations. Cho is aiming for a fifth year of record earnings in the 12 months ending March 31 and has predicted sales of 8.5 million vehicles in 2006.

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